XL APPOINTS ALETHEA MARINE AS CONSULTANT FOR HATCHERY BUSINESS
KUALA LUMPUR, June 25 -- XL Holdings Bhd's wholly-owned subsidiary, XL Hatchery Sdn Bhd has entered into a hatchery operation collaboration and management agreement (HOCMA) to appoint Alethea Marine Culture Sdn Bhd (AMCSB) as a consultant for its hatchery business.
In a filing with Bursa Malaysia, it said AMCSB will provide consultancy services on the setting up and management operation of the shrimp fry hatching facilities that XL Hatchery is embarking on.
"The HOCMA is to establish a formal collaborative relationship between XL Hatchery and AMCSB to aid XL in its effort to diversify and expand into hatchery business, with a view to further expand the revenue streams and earnings base of XL by further reducing the dependency of its existing fish farming activities," it said.
XL said that under the collaboration, AMCSB will provide advice, guidance and recommendations on business strategy and decisions relating to the hatchery business.
"The operation, commercialisation and hatchery management of the hatchery shall be exclusively undertaken by AMCSB or its representatives.
"XL Hatchery shall be responsible for the sales and marketing, logistics as well as general and administrative matters related to the business," it added.
The effective date of the HOCMA is expected to commence in the fourth quarter of 2021, said XL.
-- BERNAMA
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